Mumbai: Former Housing Development and Infrastructure Limited chairman Rakesh Wadhawan has approached the Mumbai Police’s Economic Offences Wing, alleging that Yes Bank illegally assigned a Rs 600 crore loan account of another firm promoted by him to Suraksha Asset Reconstruction Company in 2017 despite it never being classified as a non-performing asset.In his complaint seen by ET, Wadhawan alleged that the loan taken by Privilege Power and Infrastructure, and secured against assets worth over Rs 2,000 crore, was transferred without independent valuation, competitive bidding or compliance with Reserve Bank of India guidelines. He sought a criminal investigation into the transaction. The complaint relies on a purported internal Yes Bank audit. It also alleges that Yes Bankfunded entities indirectly financed the loan acquisition, raising concerns of circular funding.An email sent to Suraksha ARC did not elicit any response. Wadhawan is an accused in a separate Rs 200 crore Yes Bank loan fraud case. It is not clear whether the police have initiated any action based on his complaint.The allegations come against the backdrop of an ongoing investigation by the Economic Offences Wing into alleged financial irregularities involving Suraksha ARC and some former Yes Bank officials. In June, a Mumbai sessions court, while rejecting anticipatory bail to Suraksha ARC director Sudhir Valia, observed that the investigation papers contained prima facie allegations of collusion between former Yes Bank officials and Suraksha ARC directors in initiating recovery of a loan through the ARC illegally.The Enforcement Directorate is also probing alleged collusion between asset reconstruction companies and Yes Bank to illegally take over stressed assets, undervalue properties and inflate, or make fraudulent, claims.